CAIRO: Britain supports Egypt's move towards the democracy, which will lead to stability, said the new British Ambassador to Egypt James Watt. Watt said there are no conditions on Britain's support during this transitional period. He noted that there is no threat from the growth of the Muslim Brotherhood's (MB) role in Egypt, because democracy means consensus on the country's future. Watt asserted during an interview with reporters at the British Embassy in Cairo, that the support of private British companies is more important than official support and loans. He revealed that British Petroleum (BP) Company has decided to invest around 11 billion dollars in Egypt. Watt added there are several other companies that will invest billions of dollars in Egypt to create new jobs for Egyptian youth. British Prime Minister David Cameron boosted economic support to Egypt by opening the European market to Egyptian exports, said Ambassador Watt. He added that Britain has proposed loans with limited interest rates to Egypt, but Egypt refused them. According to Watt, British support includes providing technical assistance in the upcoming elections, financing projects of the British Media Consultation Bureau for employees of the Radio and Television Union covering the election. Watt said it will deploy international monitors for the elections, if Egypt asks for that. He noted that Egypt has suffered from domination of a small group, and needs to build democratic institutions. Watt expressed his country's happiness for the active democratic talks among the political powers and presidential nominees. He added that he is optimistic about the political scene in Egypt. Commenting on the investigation process in corruption cases, he highlighted that accelerated investigation is necessary, and is not dependent on media reports. He called also for submission of evidence in these cases as the inquiring authorities in Egypt face great challenges. Britain respects the international treaties, and British courts should consider the cases with information provided by the Egyptian authorities. He said the European Union (EU) has frozen 40 million British pounds—assets belonging to 40 figures on the list Egypt submitted. British Authorities are waiting for a new list to be submitted by the Egyptian government, Watt said. Watt added that an investigation of money laundering is being conducted. He said it is possible to sign an extradition convention between Egypt and Britain.
